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The Nasdaq 100's reliance on a small group of mega cap technology stocks is magnifying its losses as investors sell AI leaders even after strong earnings. Meta and Lam Research show how stock-specific doubts over AI spending now turn into declines across the whole index.
European sovereign stress and year-end balance sheet needs are pulling in the same direction for the U.S. dollar. With the French bond spread at its widest since 2011, safe haven demand and seasonal dollar demand are meeting at once.
Copper's contracting formation since 2017 is tightening as prices pull back from multi-year resistance alongside gold and silver. The lower edge of that range now meets the golden ratio Fibonacci zone and an uptrend in place since 2020, making it the area that defines copper's long-term structure.
Daily CME spot dairy market price summary
Gold is pressing against a major support zone while the Federal Reserve rate decision and core PCE inflation data line up back to back. With a hold already heavily priced, the inflation release that follows the decision now takes on extra weight for gold.
October 22 – Stock futures are pointing to a decidedly lower open to start the day, with the tech heavy Nasdaq showing the largest losses despite overall positive earnings results after yesterday’s close, which we’ll dive into in more depth below, while the VIX surges nearly 8% higher to start the day near 18. The dollar is modestly higher this morning after pushing lower in the overnight session, hanging near 101.78 at the time of writing. Treasury yields are notably lower to start the day, with 2-year yields down 10-basis points to 4.723%, 10-year yields are back below 5.03%, and 30-year yields sit at 5.344%. Crude oil is pushing notably higher this morning amid escalations in the Middle East which we’ll also dive into below, as nearby WTI sits nearly 2.0% higher at the time of writing to trade near $99.65 and nearby Brent sits 3.0% higher to trade at a fresh five-month high above the $112 mark. Meanwhile, the ags are quietly mixed to start the day, with corn/soybeans seeing small gains and the wheat complex small losses.
The S&P 500 has eased back from its record high to test its rising trend line and 50 EMA as U.S. tech earnings expose the rising cost of AI. With investors demanding evidence of returns from AI spending, the trend line now separates a routine pause from a deeper sell-off.
Record VLCC rates have revived talk of letting the sanctioned shadow fleet back into mainstream oil trade. Vessel age, ownership and compliance checks, and an oil inventory rebuild all shape how much that move could ease the tanker squeeze.
Daily coffee report
Daily CME spot dairy market price summary
Brazil's tied presidential runoff has turned Brazilian public debt into the deciding variable for the Brazilian real. Markets link one outcome to fiscal adjustment and a firmer currency, and the other to rising debt and a sharp devaluation.
USD/CHF has pulled back from a fresh yearly high after a U.S. inflation-driven reversal, and the Federal Reserve decision and core PCE data now arrive a day apart. Together the two releases test a pivot zone that separates a routine pullback from a deeper correction in the yearly uptrend.
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Third party events|Central America|Language: Spanish
October 23 - October 25, 2026
Panama City, Panama
StoneX asistirá a World of Coffee Panamá, el primer evento World of Coffee organizado en América Latina. Visite el Stand #14422 para conectarse con nuestros especialistas en el mercado de café, conversar sobre inteligencia de mercado y conocer más sobre la gestión del riesgo de precios del café.
Third party events|North America|Language: English
October 23 - October 24, 2026
Abilene, TX
Attending the Texas CattleWomen’s Fall Conference in Abilene this October?
Meet Donna Hughes, a new member of Big Country CattleWomen, as she represents StoneX as an exhibitor at the conference, October 23-24.
Stop by and connect with Donna during the event.
Third party events|North America|Language: English
October 29, 2026
West Palm Beach, FL
The alternative investment landscape continues to evolve, creating new considerations for allocators and fund managers alike.
On October 29, Steve Grabowski, Co-Head of Capital Introduction at StoneX Prime and Outsourced Trading, will moderate the West Palm Beach Alternative Investment Allocator Panel & Cocktails in West Palm Beach, Florida.
We're looking forward to joining the conversation and connecting with industry peers to discuss the trends shaping alternative investments today.
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